Publishing the income statement is a tradition of transparency for presidents and candidates for the presidency of the United States. Every president had respected it from Richard Nixon until it was broken by Donald Trump. Joe Biden has it back. The president and first lady, Jill Biden, They have published this Tuesday the income statement for the year 2022, just presented. The Bidens earned almost $580,000 (about 528,000 euros at current exchange rates) and paid about $170,000 in federal income taxes and those of the States of Delaware and Virginia.
With this publication, Biden has made the income statement public in a total of 25 years. Biden was Barack Obama’s vice president for eight years and before that he had a long career as a senator. No president has published so many income statements. That demonstrates, according to the White House, “his commitment to being transparent with the American people about the finances of the commander in chief.” It also shows how long his political career has been.
The White House boasts of Biden’s transparency and that serves to oppose it to the behavior of Donald Trump. Under the argument that her accounts were being reviewed by the tax inspectorate, she refused to offer them to the country. That refusal fed all kinds of suspicions about his fortune and his sources of income. Then, her tax returns began to leak and finally Congress decided to officially bring them to light at the end of the last legislature and with the approval of the Supreme Court.
Along with years in which the disbursements were typical of a billionaire tycoon, Trump’s income statements reveal years in which he did not pay taxes. In parallel, the Trump Organization has been found guilty of tax fraud and his business group is subject to further investigation.
Biden’s accounts give for less emotions. The President and First Lady jointly filed their income tax returns, reporting federal adjusted gross income of $579,514. They paid $169,820 in federal, Delaware and Virginia taxes combined. His effective federal income tax rate in 2022 was 23.8%.
The Bidens pay state income tax in Delaware as residents and in Virginia as nonresidents for the first lady’s work. Specifically, they paid $137,658 in federal income tax; $29,023 in Delaware income tax, to which is added the $3,139 paid for the first lady’s return in Virginia.
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Joe and Jill Biden’s tax return shows that they made contributions of $20,180 to 20 different charities. The largest donation was $5,000 to the Beau Biden Foundation, a public charity named for the president’s late son and dedicated to ensuring that all children are free from the threat of abuse. Joseph on the Brandywine, her parish, received $1,680; the Tragedy Assistance Program for Survivors, $4,000; and the Fraternal Order of Police Foundation, $2,000, among other charities. There are four donations of $25 on record.
For her part, Vice President Kamala Harris and her husband, Doug Emhoff, reported federal adjusted gross income of $456,918. in his statement, also made public this Tuesday. They paid $93,570 in federal income tax, which is an effective 2022 rate of 20.5%. They also paid $17,612 in California income tax, and Emhoff paid $9,697 in District of Columbia income tax. They contributed $23,000 to charity in 2022.
With this, the vice president has published 19 years of income statements, according to the White House.
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